Jisang Yoo is new CEO at Mirae Asset India

Mirae Asset India on Wednesday announced the appointment of Jisang Yoo as the new chief executive officer (CEO), with immediate effect.

Arindam Ghosh, the CEO since the company’s inception in 2007, has resigned to pursue other interests, the fund house said in a statement. The board accepted Ghosh’s resignation with “great reluctance”, the company added. Yoo was the chief financial officer of Mirae Asset India and has been associated with it since 2009.

Earlier, media reports claimed Mirae Asset may exit India. However, the fund house said that senior officials of the sponsor (Mirae Asset Global) have assured that the company “has a long-term view for Indian markets and intentions to expand their business organically, as well as inorganically.”

It added the trustees of the fund house stay committed towards fulfilling their fiduciary obligations towards investors, regulators and other stakeholders.

Mirae Asset India has witnessed a 95 per cent growth in its equity assets under management since March 2010. It has also been able to garner 10 per cent market share in terms of industry net equity inflows in FY12.

Yoo has more than 10 years of experience in the field of financial services and more than five years in the asset management business.

As of March 31, Mirae Asset India’s average assets under management stood at Rs 444 crore, a majority of which is in equities.